Vida Homeloans, the specialist mortgage bank, has launched a new range of residential mortgage products with an LTV of 97%.
The products, called ‘3 & Easy’, are intended to help long-term tenants and first-time buyers get their foot on the property ladder and move up the chain.
The full 3 & Easy range is available to people with an unfavorable credit history, income from a complex or second job and self-employed people and contractors.
There is also a potential term of up to 45 years, making it even more affordable for customers.
The range includes five- and seven-year fixed rate products, giving customers longer-term stability with their monthly payments.
Commenting on the launch, Helen Cawthra, head of intermediary relationships at Vida, said: “The 3 & Easy range has the potential to be game-changing for so many people. From those who feel trapped in a rental home to potential starters who still live with their parents. They now have the option to purchase their home earlier, with a smaller down payment of 3%.”
She added: “The products are also ideal for young families looking to move to a larger property to better suit their needs, without the need for a large deposit or savings.”
Vida has also announced improvements to the proxy fees paid to intermediary partners. Networks and clubs now receive 0.70% for new contracts, packers receive 1.10% and for any product transfers, brokers receive 0.40%.